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FCPA cases take long to conclude after indictment
Mint Mumbai
|November 23, 2024
For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.
It takes an average of about three years to conclude a case after an indictment under the US Foreign Corrupt Practices Act (FCPA), according to a Stanford Law School analysis of cases since the law was enacted nearly a half century ago. The study, which is continuously updated, covered corruption probes against 487 companies and 555 individuals.
The 1977 US law prohibits bribing foreign officials to obtain or retain business. It applies to any person or entity that is subject to US jurisdiction, including foreign companies raising money in the US. Primarily, the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) are responsible for investigating suspected FCPA violations. Both agencies have brought charges against the Adanis.
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